PSMC Stakeholders Group again repeats request for meeting with higher officials of MOI&P for resolving all pending issues related to ‘PSM Revival & pending Accountability’

KARACHI, Jan 15 (SABAH): It is conveyed to Rashid Mahmood Langrial, Additional Secretary (incharge), Ministry of Industries & Production and Sarah Aslam Additional Secretary-II, Ministry of Industries and Production, government of Pakistan that Pakistan Steel Mill Corporations Stakeholders Group observed and have serious reservations on PSM’s, audited accounts from 2012 to 2022 compiled by its own account department.

According to the letter written by Convener, PSMC Stakeholders Group

Mumrez Khan, if Ministry of Industries & Production (MOI&P)/government had showed their responsibility, PSMC Stakeholders Group would have avoided to present the situation faced by PSM and its stakeholders. 

PSM ‘audited’ accounts based on the notes extracted from Annual Audited Financial statements for the year ended June 30, 2022 submitted by M/s Crowe Husain Chaudhury & Co. Chartered Accountants (already approved by PSM Board), the following questions should be asked from the Chairman Board and acting CFO before finalization and approval of Audited Accounts and Financial statements for FY 2023.

If each year accounting figures were correctly reported by ACFO, PSM Finance department and the external auditor, then why losses after tax were restated for the FY 2012-13, FY2013-14, FY2014-15, FY2015-16, FY2016-17, FY2017-18 and FY2020-21 in Note 1.6? Who are responsible for the incorrect accounting figures reported each year and then afterward restated (corrected) in the subsequent years? What action MOIP has taken against the alleged persons at fault?

PSMC stakeholders Group again repeats request for meeting for resolving the all the pending issues related to “PSM Revival & pending Accountability” from 2005 to 2023. PSMC Stakeholders Group is available to clarify any questions related to solutions of problems faced by the victimized employees, all creditors/debtors. PSM can be revived by local trained human resource, if MOI&P/government play their responsible role in reconstitution of knowledgeable board of directors and appointment of professional management for “Revival of PSM” tasked by Cabinet.